Hengdian Group

Xu Yong'an, the founder's son, serves as Chairman and President and exercises ultimate decision-making authority over capital allocation. The group operates through a web of subsidiaries rather than a centralized family office, with Hengdian Capital registered as the entity for private equity fund management under the Asset Management Association of China. Yang Zhiwei, a long-time business partner, runs Hengdian World Studios specifically.

The group began building historical film sets in the 1990s in rural Zhejiang as a deliberate economic development play. By owning the land, providing free access to low-budget productions, and offering integrated logistics—permits, housing, catering—it made Hengdian the default location for Chinese historical dramas. Over time the studio complex became irreplaceable infrastructure, hosting over 70% of the country's film and television shoots by volume.

No. The group is privately held and does not publish consolidated financials. The $45–$60 billion asset estimate is derived from the replacement cost of Hengdian World Studios, observable real estate holdings across Zhejiang and Jiangsu, and the scale of its industrial subsidiaries. Exact revenue, AUM, or deployment figures are not publicly disclosed.